The market showed solid performance in November, with the pace of sales staying at record levels for Hoboken and pending sales increasing in downtown Jersey City.
We are still seeing strong activity in November and even well into December. I've noticed this trend over the last few years.
The absorption rate decreased to 6.75 weeks which is the lowest we've seen in almost 5 years.
Pending sales dipped to 206 units which is just below our all time record of 212 units.
Total sales increased to 88 units, bolstered by the pending sales over the last few months.
Days on the market increased decreased to 34 days.
1BR pricing dropped 1.11% to $731.01/sq.ft.
2BR pricing decreased 2.03% to $732.31/sq.ft.
3BR pricing decreased 5.07% to $771.83/sq.ft.
4BR pricing decreased 5.99% to $989.60/sq.ft.
Downtown Jersey City
The absorption rate increased to 31.85% to 17.14 weeks, but still down 39.05% when compared to the same time last year.
Pending sales increased by 12.67% to 169 units.
Days on the market increased 12 days to 51.
1BR pricing increased 13.80% to $873.32/sq.ft.
2BR pricing increased .15% to $782.17/sq.ft.
3BR pricing decreased -10.88% to $729.47/sq.ft.
Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600
Each office is independently owned and operated.